Posted AT 11:14 AM EST on 13/08/08
Biovail posts loss on special charges
Drug maker Biovail Corp. has reported a big loss for the second quarter after nearly $85-million (U.S.) in charges for restructuring, settling a legal dispute with U.S. authorities, sorting out management succession and fighting a bitter but successful proxy battle against estranged founder Eugene Melnyk.
The Toronto company said Wednesday that it bled $25.3-million (U.S.) or 16 cents a share in red ink in the three months ended June 30, having tallied a profit a year earlier of $67.
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